Determining The Potential Value of Your Land In San Diego

Do you know the value of your land in San Diego? It might not be worth what you think it is! There are many potential factors that can increase or decrease the value. Learn more about the proper ways to value your San Diego land in our latest post!

If you have ever tried to accurately pinpoint the value of a piece of land, you know that it can be a difficult process! There are many things that will impact the value of your land that aren’t always found with the purchase of a single family home. When buying or selling land in San Diego, make sure you are working with land experts such as Benchmark Property Group, who can help you determine the value of your land in San Diego or the nearby area!

Standard Valuation Approaches

Income, cost, and recent sales approaches don’t usually apply to land the same way they do to residential and commercial properties. The income approach would look at how much income a piece of property can bring in. This isn’t typically applicable when talking about land. The cost approach looks at how much it would cost to rebuild. Again, not applicable here. And to look at recent sales may not be the best approach either. The land market is very small compared to the housing market. Sometimes lots are sold in bulk, acquired by investors at wholesale prices. Sometimes someone pays a fortune for a lot simply because of sentimental attachment. These kinds of situations greatly impact local averages. When trying to value your land, you will need to look at more factors than just what other lots are selling for.

What Is The Current Demand Like?

Take a look at how land is performing in the local market. Is it being bought up right away or is it sitting on the MLS for a while? Look at recent sales and how those lots are priced. Are there many lots available or just a few to be found? If there are lots of properties currently available, you might want to hold off on trying to sell until there are fewer available. Scarcity will help to drive up the value of your San Diego land. After all, they aren’t making it anymore!

What Is The Current State of The Land?

If you are dealing with raw land, the cost to run utilities to it can be very expensive. You will have a better shot at finding buyers when the utilities are already in place. There should be roads with direct access to the property. You should consider clearing the land to make it ready to build for your potential buyers. By taking care of these things before trying to sell, you will attract more buyers simply by the ease of development and the visual aesthetic you create.

How Can You Add Value?

The best way to add value to the land is through development. Get quotes from different developers and home builders to find out how much it would take to add a structure to your lot. If you don’t want to make that kind of financial commitment, there are still a few things you can do. You can increase the value of your San Diego land by removing trees, planting some wildflowers, clearing old slabs or remnants from old structures, taking down worn fencing, and making any other improvement that will get the land ready to build. Increasing the visual appeal of the property will also generate more interest and attention when trying to sell your land in San Diego.

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Benchmark Property Group

This year was a crossroads for me to sell my home. My husband and I spent our whole married lives in this house. I contacted a Realtor, entertained several companies that flipped houses; then a letter came in the mail from Jason Lewis of the Benchmark Property Group. I called him and scheduled a meeting at my home. We talked for several hours, he presented his offer and stated, “Think it over and if it is something you feel you want to do, just call me”. I wanted Jason to understand the timetable situation and that I still had not found another place to move to as yet. I wanted to move closer to my grandchildren in Temecula, I needed to handle a family situation in Arizona and would be gone approximately 6 to 8 weeks. No problem he said we can work with you. He suggested a realtor that knew the Temecula area; We finally found a house just two days before leaving for Arizona. Jason then took care of handling all the paper transactions via email with an Escrow company. I just want to thank Jason for the consideration and understanding shown to me throughout this transaction. I now have a nice home within several miles of my grandchildren, Thank You Jason.”

“It was a great pleasure dealing with Jason Lewis with Benchmark Property Group, Inc. Our property at 619 Parker Street in Oceanside, CA, was our first home for my husband “Pete” and I. After serving in the Marine Corp out of Camp Pendleton, we moved to Orange County and rented out this property. Over the years, the foundation began to crack in many places and we weren’t in a position to financially repair it. My husband passed in December 2014 and it was at that time I decided to part with our first property. Jason had sent my husband a letter many years earlier and upon going through his things, we found the letter. We contacted Jason and one other individual (that I will not name) about buying the property. The first person contacted was not comfortable with purchasing the property, but Jason had no problem and with just talking to Jason, I was very comfortable with dealing with him and his company going forward. I met with Jason and his staff to go over the house so he could decide what needed to be done and how much he was going to offer. Jason’s offer was more than a fair price for the house and as promised, he allowed us to view the property after being fixed up. It was truly a pleasure to deal with Jason and his company. He did such an amazing job with the property. Thank you so much Jason!”

“I don’t know where to start about how helpful Jason Lewis was for us and how easy he was to work with. My wife had half ownership of a home in San Diego and a relative owned the other half. In this situation communication was very challenging. The idea of listing the property in the “normal” way was not likely to work well. Full disclosure here, I am a licensed Realtor in another state and I believe in the “normal” way of selling homes! KB We had received numerous inquiries regarding this place from a number of investors. Jason promptly and courteously replied. He took the time to actually listen to the details of the situation without interruption. He then suggested a very straightforward proposal. The sale of the house to Jason recently closed and we couldn’t be happier. We really believe that this may have been the only way we could have succeeded in getting this done! Jason followed through on everything! An honest person and a good man who sincerely makes an effort to work through the difficulties that can arise in these transactions. We wholeheartedly recommend him!”

I would like to take this opportunity to thank you so much for for patience, kindness and understanding in regards to this difficult probate case. Never could I have thought it would take almost three and a half years to go through the process to settle this case. I am so thankful that I choose you to purchase and remodel my Aunt’s home. Thank you for showing us my Aunt’s house after you remodeled it. It is beautiful!!!!!